Evidence on the role of ownership structure on firms´ innovative performance
Based on the Knowledge Production Function framework given by
Griliches (1979), we slightly modify it so that the innovative output depends upon a
set of factors related to the firm internal characteristics and are influenced by the environment.
Specifically, regarding the firm internal determinants the effect of the concentration
of the ownership, the composition of the boards of directors and the effect
of the nature of the ownership (foreign and public) are analyzed. Additionally, in order
to capture the determinants of the environment in which the firm operates other variables
concerning the internationalization of market, the agglomeration economies and
the regional knowledge externalities are also considered. In order to assess the impact
of these determinants on the number of patents and models of use awarded by the
firm, the discreteness of the latter variable has to be taken into account. We apply Poisson
and Negative Binomial models for a more comprehensive evaluation of the hypothesis
in a panel of Spanish manufacturing firms. The results show patenting activity is
positively favoured by being located in an environment with a high innovative activity,
due to the existence of knowledge spillovers and agglomeration economies.
Check other articles from the issue Monográfico 2009 'Innovación, emprendimiento y territorio' or from other issues.